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Egypt's net foreign reserves fell by $1.4 bn in January

Tuesday, February 05, 2013 6:09 PM 
An employee counts money in a bank in Cairo, August 27, 2012. Demand for the Egyptian central bank's repurchasing agreement (repo) facility has fallen back after shooting up in June, indicating that short-term pressure on the banking system may be easing as more money flows into the country. REUTERS/Asmaa Waguih

Egypt's net foreign reserves fell by $1.4 billion in January to $13.613 billion, the Central Bank of Egypt (CBE) stated on Tuesday.

As of the end of December, net reserves had stood at $15.014 billion, down $21 million on the previous month.

In January, the CBE, for the first time, announced how foreign currency injections made in 2011 and 2012 had been allocated.

In a report, the bank noted that it had made $36 billion available for four major spending items – including petroleum and wheat purchases – during the two years in question.

In 2011 alone, according to the report, the bank provided a total of $21 billion, some half of which was intended to cover capital flight.

This content is from : El Ahram
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